Trump retracts tariff threat, resumes naval blockade of Iranian ports

US President Donald Trump has retracted his previous threat to impose a 20 percent tariff on all cargo ships passing through the Strait of Hormuz.

This decision comes as the US continues its efforts to break Iran’s control over the waterway. Instead of the tariff, Trump has announced “massive” trade and investment agreements with Gulf countries.

Within hours of this announcement, the US resumed its naval blockade of Iranian ports.

Recent military attacks between the US and Iran had nearly halted tanker traffic through the Hormuz Strait, leading to a sharp rise in global crude oil prices.

The US Central Command has stated that additional airstrikes have been launched to weaken Iran’s military capabilities used to attack commercial ships.

Central Command noted that this marks the third consecutive night of attacks, while Iranian state media reported hearing explosions in various cities, including the city with the Bushehr nuclear power plant. Iran has also claimed to have targeted US military bases in Bahrain and Jordan.

President Trump posted on his social media platform ‘Truth Social’ that the trade and investment agreements with Gulf nations will replace the 20 percent tariff.

He claimed these investments would be massive and highly beneficial for the future of Gulf countries, though he did not provide detailed information.

After talks with Iraqi Prime Minister Ali Al-Jaidi in Washington, Trump said, “I don’t like the idea of imposing tariffs, but it’s not fair for us to be the only ones protecting this waterway for the entire world.”

He stated that repeated phone conversations with Gulf region leaders led to his decision to change course.

In response to Trump’s announcement, Iran has asserted that its control over the Hormuz Strait remains intact. Iranian Deputy Foreign Minister Kazem Gharibabadi stated that the US decision to revive the blockade has undermined the previous ceasefire agreement between the two countries.

The US first imposed the blockade on Iran last April to increase pressure, which was lifted in June under mutual understanding. However, the dispute over the Hormuz waterway has flared up again between the two countries.

Meanwhile, rising tensions in the Strait of Hormuz have added to global economic concerns. This route, through which nearly 25 percent of the world’s oil and 20 percent of its liquefied natural gas are transported, has been sluggish for the past two months.

Additionally, Israeli Prime Minister Benjamin Netanyahu has warned Iran that if Israel is attacked first, the retaliation will be extremely powerful.